On Oct. 23, ARK — headed by pro-Bitcoin (BTC) investment veteran Cathie Wood — sold 100,739 GBTC shares ($2.5 million) from its ARK Next Generation Internet ETF (ARKW), according to a trade notification seen by Cointelegraph.Continue Reading on Cointelegraph More
El Salvador’s dive into Bitcoin adoption was a groundbreaking move. As the first nation to recognize Bitcoin as a legal tender, it amassed a substantial amount of the cryptocurrency. The provided chart for Nayib Bukele’s portfolio shows a total valuation of $105.48 million, with an all-time performance decrease of 15.14%. The graph exhibits a few purchase points, the majority of which were made when the Bitcoin price was significantly higher than the present value, resulting in the said dip in portfolio value.Source: Michael Saylor, CEO of MicroStrategy, is another significant name in the Bitcoin investing scene. His firm’s portfolio tracker showcases a whopping $5.46 billion worth of Bitcoin. The all-time performance for this portfolio indicates a profit of 15%. The chart reveals several buying instances, some at the peaks and others during the troughs of Bitcoin’s value. Like El Salvador, many of Saylor’s acquisition points were at a time when Bitcoin was trading higher than its current rate, contributing to the observed decrease.The general metric that illustrates the profit/loss percentage for Bitcoin holders is revealing. At the present price point, 81% of holders are in profit, 8% are breaking even, and 11% are at a loss. This statistic is a positive indication for the majority of Bitcoin investors. It signifies that despite the notable losses experienced by significant entities like El Salvador and MicroStrategy, a vast proportion of holders are still in a favorable position.The general positive profit trend among Bitcoin holders is a hopeful sign. The world of Bitcoin is far from predictable, but for now, the majority of its investors have reasons to stay optimistic as the momentum of the digital gold remains high and profit taking is not yet too bad.This article was originally published on U.Today More
LONDON/SINGAPORE (Reuters) -Bitcoin rose 6% on Tuesday to to $35,198, its highest in nearly a year-and-a-half, on mounting speculation that an exchange-traded bitcoin fund is imminent.That followed a 10% surge on Monday, when bitcoin posted its best day in almost a year, and the bullishness spread across the wider crypto market and into related stocks.Any approval by the U.S. Securities and Exchange Commission (SEC) of an exchange-traded fund (ETF) that owns bitcoin on behalf of fund investors is predicted to fuel demand. A spot bitcoin ETF, the argument goes, would allow investors previously wary of crypto access to the asset via the stock market, ushering in a new wave of capital to the sector.”The value of … any asset, basically, is the amount of people using it,” said Steen Jakobsen, CIO at Saxo. “So the ETF would make a large audience and increase liquidity.” Bitcoin, a volatile asset whose price has doubled so far this year, was last up 3.2% at $34,129. The second-largest cryptocurrency ether climbed to its highest since August.Crypto-linked shares such as major U.S. exchange Coinbase (NASDAQ:COIN) Global and bitcoin owner MicroStrategy rose in after-hours trade. Investment giant BlackRock (NYSE:BLK) is among several major U.S. financial firms with pending applications for bitcoin ETFs. Speculation on their likely approval was fuelled by BlackRock’s iShares ETF listing on the website of clearing house DTCC. It was unclear when or why the iShares ETF was added to the DTCC list. DTCC and BlackRock did not immediately respond to requests for comment. Anticipation also grew after reports this month, including from Reuters, that the SEC won’t appeal a court ruling it had been wrong to reject an ETF application from crypto firm Grayscale Investments.”The SEC being pressured by the courts increases the probability” of an ETF approval, said Standard Chartered (OTC:SCBFF)’s head of digital assets research Geoffrey Kendrick.Last week BlackRock denied an erroneous report that its ETF had been approved.Data on crypto derivatives analysis site Coinglass showed heavy bitcoin short-covering in the last 24 hours. More
Earlier, Atlantic Lithium along with Piedmont Lithium secured a mining lease from Ghana’s Ministry of Lands and Natural Resources for the Ewoyaa Lithium Project, which is considered pivotal to the U.S. electric vehicle supply chain. The 15-year lease for lithium mining and production is currently awaiting parliamentary approval. The Minerals Income Investment Fund of Ghana (MIIF) plans to invest $32.9 million in Ewoyaa and Atlantic Lithium, subject to Environmental Protection Agency approval, with permits expected to be finalized by H2Patrick Brindle, Piedmont’s COO, emphasized the importance of the project for Ghana and local communities. Piedmont, which currently holds a 9% stake in Atlantic Lithium, plans to acquire a 22.5% interest in Ewoyaa, pending government approval. This additional investment could potentially lead to equal ownership between Piedmont and Atlantic Lithium, excluding MIIF’s investment and the Ghanaian government’s carried interest.Piedmont intends to use material from Ewoyaa for its Tennessee-based lithium hydroxide conversion facility and has an agreement in place to purchase 50% of Ewoyaa’s lithium output. The company, in partnership with Sayona Mining on Quebec projects and involved in the Carolina Lithium and Tennessee Lithium projects, is working towards developing an integrated lithium business aimed at supporting energy independence and the electrification of transportation and energy storage, with the goal of facilitating a transition to a net-zero world.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More
Crypto companies like Riot Platforms, Marathon Digital (NASDAQ: NASDAQ:MARA), Argo Blockchain, Hut 8 Mining, and Cipher Mining have seen their stock prices soar due to this rally. Other cryptocurrencies such as Chainlink, Celer Network, Mina, Pepe, and Rocket Pool (NASDAQ:POOL) have also benefited from this upswing. In addition to individual cryptocurrencies and crypto-related stocks, the rally has also increased trading volumes on exchanges like Coinbase (NASDAQ:COIN) and Binance. It has also boosted profit margins for firms in the crypto industry. Companies such as Coinbase and MicroStrategy have seen their stock prices rise in both regular and extended trading hours. BITO and Bakkt have also experienced growth due to the increasing demand for Bitcoin.This rally comes despite earlier predictions of a bleak future for cryptocurrencies in the United States. In April 2023, Chamath Palihapitiya declared that “Crypto is dead in America,” blaming regulators like the SEC for creating a hostile environment. At that time, Bitcoin was trading at $27,817.50. However, following the inclusion of BlackRock (NYSE:BLK) ETF’s iShares Bitcoin Trust in the DTCC’s curated list, Bitcoin surged to $34,522. As a result of this increase, a $100 investment in Bitcoin at that time would have seen a growth of 22%. This recent rally serves as a stark contrast to earlier sentiments and demonstrates the resilience of the cryptocurrency market despite regulatory challenges.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More
, a cryptocurrency analyst, points out a potential head-and-shoulders pattern forming on the Bitcoin daily chart.The head-and-shoulders chart pattern is depicted by three peaks, with the center peak being the highest. The head-and-shoulders chart shows a bullish-to-bearish trend reversal and might indicate that an upward trend is coming to an end.Aside from that, Ali stated that the TD Sequential indicator on the BTC daily chart may hint at a possible sell signal. Also, the RSI has reached 74.21 — a level that has triggered sharp corrections since March.Having said this, Ali believes an impending price correction might be on the horizon until BTC manages to log a daily candlestick close to over $31,560. In the event of a price correction, Bitcoin might reach $29,500 or even $28,630.At the time of writing, BTC was up 2.19% in the last 24 hours to $30,601.gained 10.29% in the last seven days, the highest weekly gain since June, as traders bet on the first U.S.-spot bitcoin ETF being approved in the coming weeks.observed that weekly gains of at least that magnitude have predicted a 10% average Bitcoin rise over the next month for the past five years.According to data, Bitcoin has recovered 87% this year and currently accounts for 51.4% of the $1.16 trillion digital-asset market, a level of dominance it last held in 2021. The digital asset is still far below its 2021 high of roughly $69,000.This article was originally published on U.Today More
The token surged 11% to $33,433.8, hitting its highest level since May 2022. It also broke above the $30,000 level for the first time since July. World no.2 crypto ethereum also rose nearly 7%.A legal battle between the SEC and digital assets firm Grayscale came to a close on Monday in the latter’s favor, after the D.C. Circuit Court of Appeals formally ruled that the agency wrongfully rejected Grayscale’s application for an ETF that directly tracks the price of Bitcoin.Additionally, media reports suggested that a spot Bitcoin ETF application by Blackrock was also seen moving closer to fruition, with the iShares Bitcoin Trust now appearing to have been listed on the website of the Depository Trust and Clearing Corporation. While neither of the two news pieces offered any concrete signs that a spot Bitcoin ETF had been approved, they ramped up optimism over an eventual approval this year, which is expected to attract more institutional investors into a severely depleted crypto market.Recent weakness in the dollar also somewhat aided crypto markets, amid increasing bets that the Federal Reserve was done hiking interest rates this year.BlackRock Inc (NYSE:BLK), Grayscale, Ark Ventures and VanEck are among the several applicants for a spot Bitcoin ETF in the U.S., after the SEC rejected a series of applications over the past year. Its repeated rejection of Grayscale’s proposal had attracted a lawsuit from the digital assets firm, which had ended in the firm’s favor this week. A spot Bitcoin ETF is expected to attract more capital into the crypto market, which is reeling from a severe lack of liquidity following a price crash and several high-profile bankruptcies over the past year. This was evident with Bitcoin volumes languishing at multi-year lows, as retail interest in crypto dried up after major players including Binance and Coinbase Global Inc (NASDAQ:COIN) were slapped with allegations of fraud and operating unlicensed exchanges. More
Crypto analyst Rebecca Stevens attributes this surge to fears of inflation, geopolitical turmoil, and a fragmented U.S. government, which have collectively reinforced Bitcoin’s position as a hedge against worldwide uncertainties. As the digital currency approaches spot ETF approval, experts suggest that without a substantial Bitcoin rally, altcoins may struggle to attract significant investments.The current market trend suggests a growing preference for Bitcoin over other cryptocurrencies, which is reflected in its increasing market share. This trend is likely influenced by Bitcoin’s potential as a safe haven asset in times of economic and political instability.As Bitcoin continues to solidify its position in the market, it remains to be seen how this will affect the broader cryptocurrency landscape. However, as experts point out, the future of altcoins could largely depend on Bitcoin’s performance in the face of ongoing global uncertainties.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More
